Echo to raise $450m to help ward off Packer 

Echo to raise 450m to help ward off Packer

Jun 13, 2012 (Menafn - The Sydney Morning Herald - ABIX via COMTEX) --Macquarie Bank, Macquarie Life and Macquarie Portfolio Management as well as other off-shoots of Macquarie Group now hold a combined stake of 5.1% in Echo Entertainment. Other major investor are rival listed casinos operator Crown with 10%, fund manager Perpetual with 7.9%, Malaysian business Genting with 4.9% and various hedge funds with more than 8%. Echo is looking to source A450m in fresh capital to service part of its liabilities of A1.2bn, via a renounceable rights issue discounted by between 22% and 26%.

Publication Date: 14 June 2012

ECHO ENTERTAINMENT GROUP LIMITED - ASX EGP
MACQUARIE GROUP LIMITED - ASX MQG
MACQUARIE BANK LIMITED - ASX MBL
CROWN LIMITED - ASX CWN
PERPETUAL LIMITED - ASX PPT
GENTING BERHAD
MACQUARIE LIFE LIMITED
MQ PORTFOLIO MANAGEMENT LIMITED
NATIONAL AUSTRALIA BANK LIMITED - ASX NAB
THE STAR

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